South Florida Construction Boom Continues
South Florida is currently in a residential construction boom that started in May 2011 and has resulted in nearly 50 new condo towers being constructed throughout the region. Developers are planning on constructing or currently constructing 186 total condo towers. During the last boom that started in 2003 and ended in 2007 developers constructed 245 condo towers according to statistics from CraneSpotters.com. Developers have recently constructed or are in the process of constructing 7,100 units in South Florida. A South Florida real estate attorney can review construction agreements for developers and ensure that the terms are favorable to all parties to prevent future disputes.
Lenders have been resistant to funding building construction projects due to the 2007 crash, and most developers have had to put 50 percent deposits down in order to fund projects. Before the 2007 crash lenders were willing to finance up to 70 percent of the cost of the construction project. For developers who do decide to get financing, a South Florida real estate attorney can work with them to negotiate favorable terms for construction loans. A South Florida real estate attorney can also save developers money by negotiating low interest rates.
In spite of the resistance to financing from some lenders, South Florida continues to experience both a construction boom and an improving residential real estate market. Homes are expected to continue to increase throughout the rest of 2014 after substantial increases in prices in 2013. Many developers are paying cash to finance their projects and these developers are keeping the boom going. The South Florida real estate attorneys at Schecter Law can help developers secure a favorable financing agreement even with current lender reluctance. A South Florida real estate attorney can also negotiate financing agreements for new developers in the region who may not have experience working with local lenders.
As the construction boom continues, developers will need skilled South Florida residential real estate attorneys to represent them during the many different types of real estate negotiations that normally take place during a project. The South Florida real estate attorneys at Schecter Law can help developers and investors with title examinations, finance negotiations, drafting construction agreements, and more. Having good representation and legal counsel can help developers reduce their investment risk. With the relative difficulty of obtaining financing and large amounts of cash at stake, many developers will benefit from hiring experienced South Florida real estate attorneys for legal advice during their construction projects.
